Codelco Seeks Approval for $720 Million Modification of Chuquicamata Subterranea Project
Chile’s state-owned Codelco, the globe’s biggest copper producer, requested an environmental permit on Thursday for modifying its Chuquicamata Subterranea project, which will cost $720 million. “The primary aim of the project is to integrate enhancements to the initial plan and adjustments to guarantee that MCHS (Chuquicamata) can function at the permitted production capacity” of 140,000
German Steel Industry Projects 48 TWh Requirement for Hydrogen Electrolysis by 2030
The German steel industry’s demand for more electricity for hydrogen electrolysis, regardless of its location, will be 48 TWh by 2030. The German steel association WV Stahl reported this. steel industry of German is negatively impacted by high electricity costs. The industry group said that the electricity price support package that was unveiled in November
North Dakota Expects a Month for Crude Oil Output Normalization
The state regulator stated on Friday that it might take another month for North Dakota crude oil output to return to normal. Numerous refineries have closed due to power outages caused by the cold, and as a result. North Dakota’s crude oil production has been reduced by hundreds of thousands of barrels through extreme weather.
Australia’s Coal Imports to China Surge in 2023 After Ban Lifted
Australia’s coal imports to China increased in 2023 following the lifting of a nearly two-year ban, but they stayed below pre-ban levels as the supplier attempts to reclaim market share from less expensive rivals Mongolia and Russia. According to customs data released on Saturday, China imported 52.47 million metric tonnes of Australian coal in 2023,
Silver Prices Rise 0.22% on Weaker Dollar and Lower Treasury Yields
Silver prices rose 0.22% the prior day, setting at 71615, boosted by a weaker dollar and a drop in Treasury yields. A cautious stance following a steeper-than-expected drop in the United States unemployment claims. Which suggested a historically tight labour market—impacted market sentiment. This consequently reduced anticipations of interest rate reductions. Previously, hawkish remarks made
Zinc Prices Decline Amidst Concerns Over Interest Rate Cuts and China’s Recovery
Zinc prices fell -0.41%, setting at 219.45, as worries regarding reductions in interest rates and China’s uncertain economic recovery weighed on the market sentiment. The uncertainty created by the United States Federal Reserve’s postponed interest rate cuts impacted global markets. China’s economic performance lagged slightly below forecasts, and data from the real estate industry. Where
Copper Prices Resilient Despite Dollar Strength and Calmed Consumer Demand
Copper prices rose 0.01% to 713.35, despite persistent dollar strength and calmed consumer demand. The US dollar strengthened due to the Federal Reserve’s defiance of market projections of multiple reductions in rates in the face of persistent inflationary pressures. Which had an effect on copper benchmarks priced in currency and reduced importers’ purchasing power. China,
LME Aluminium Stocks Surge by 25%: Oversupply Pressures Prices
the London Metal Exchange (LME) aluminium stocks have risen by 25% since December 14, indicating ample supplies of the metal. However, aluminium prices fell by -0.65% to settle at 197.45. The market appears to be well-supplied, as indicated by the rise in aluminium inventory, which is pushing prices lower. The fact that China’s economy is underperforming
Global Ferrous Scrap Consumption Declines by 5% in 2023
Global Ferrous scrap was consumed 588 million tonnes last year, a 5% decrease from 2022. The SHREE METAL PRICES statistics supports this. China, which consumes 42% of the world’s scrap, raised its imports of this raw material by 5% year over year to 237 million tonnes last year, according to SHREE METAL PRICES. 7 of the
Zinc Prices Fall by 1.98%: Concerns Over China’s Economic Growth and Fed’s Rate Cuts
Zinc prices fell -1.98%, setting at 220.35, on worries regarding China’s economic growth and the US Federal Reserve’s delayed interest rate cuts. China’s economic growth somewhat underperformed predictions due to concerning data from the real estate industry, such as a 23% decline in floor area-based property sales in December. While there were indications of a